Archive for Fair Share

Income Tax Proposal

Posted in Politics with tags , , , , , , , , , , , on August 2, 2012 by patriot70

There is nothing more burdensome to the American people then the tax system. WE THE PEOPLE are taxed more than we should to facilitate the mismanagement of the government offices on all levels; Federal, State, Local, sales, etc. The big issue facing today’s Congress are the Bush Tax cuts. The Republicans want to maintain the tax cuts while the Democrats want to raise taxes to increase revenue. There is a simple solution to this problem that would satisfy both parties by lowering taxes and increasing revenue, with all earning income paying their FAIR SHARE.

The first measure that needs to take place is eliminating the current tax code. The IRS’s 8,000 page conundrum is confusing and unnecessary. It also cost the tax payers millions per year to hire someone to do their taxes for them, attempting to find all tax breaks and deductions authorized under the current code. Second, a more simplified tax system would be put in place allowing the tax payer to submit their taxes on one form. There would be no deductions, breaks, or credits. The tax payer would just simply pay. Under this system, the tax payer would not have to worry about being audited and the Government would not have to spend money conducting them. The current progressive tax brackets would be maintained, though unfair, but the tax percentage would be lowered and the 50% that do not pay taxes would pay a low rate, as low as 5%.

Below is an example of the suggested tax rates. The statistics are formulated from the IRS website. Because of their failure to update tax statistics, the information was taken from the 2009 tax year.

>5 million-25%                                   50-75,000-15%

1-5 million-23%                                  40-50,000-14%

500,000-1 milllion-21%                      30-40,000-12%

200-500,000-19%                               25-30,000-10%

100-200,000-17%                               20-25,000-8%

75-100,000-16%                                 <20,000-5%

According to the revenue from Individual Income Taxes for the Federal Government in 2009, 1.1 trillion was reported. Under the system above, 1.2 trillion was generated with lower taxes.